Eric Saumure, co-founder and principal of Ottawa accounting firm Zenbooks, has initiated a volunteer campaign to pressure the federal government to implement open banking in Canada, benefiting small businesses. With OpenSME, Saumure looks to unite Canadian small business owners and advocates for open banking through a petition, an upcoming roundtable, and feedback for a pre-Budget 2026 submission with specific federal requests.
“My heart is with the small business owners.” —Eric Saumure, OpenSME
Saumure emphasizes that small businesses, like coffee shops and hair salons, would greatly benefit from open banking. Many struggle to access regular and timely financial data. Real-time data access would help them forecast, make informed decisions, obtain loans, and manage payments more efficiently. Saumure stresses the urgency for small businesses needing accurate financial insights to meet payroll or track client payments.
OpenSME’s priorities include setting clear deadlines for open banking, ensuring business account API access matching personal accounts, and providing grant funding to educate small business owners on utilizing open banking.
OpenSME has secured support from technology companies Xero and Dext. Xero views open banking as critical for transitioning accountants from record-keepers to strategic advisors aiding client growth.
Having worked with the Canada Revenue Agency and KPMG, Saumure noticed a service gap for small businesses, leading him to start Zenbooks. The firm now generates $3 million annually, serves over 300 clients, and employs 20 people. Saumure advocates for small business concerns, previously organizing a popular petition and declining a finance role in a political campaign.
Canada’s earlier Liberal government promised but failed to implement open banking, disappointing the FinTech sector. Open banking would permit secure financial data sharing between banks and third parties, but its implementation has faced multiple delays.
Canadian FinTech leaders, including Fintechs Canada, support initiatives like OpenSME. Executive director Alex Vronces endorses the need for policy changes to enhance banking for Canadians, including small businesses. There is cautious optimism that Prime Minister Mark Carney, with experience from the UK, could advance open banking in Canada despite challenges like ongoing trade issues.
In the US, open banking efforts are unraveling, as attempts are underway to replace Biden-era rules with new ones. This complicated situation could potentially arise in Canada if decisive action isn’t taken.
Canada has completed significant policy groundwork on open banking, enacting part of the framework, while the second half remains to be presented. The federal government has plans to proceed but provides no clear timeline.
Saumure is uncertain if OpenSME will remain a temporary campaign or evolve into a lasting initiative, acknowledging a need to continue educating small business owners about open banking.
Feature image courtesy OpenSME.